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Boosting The Hodrick-Prescott Filter, Peter C.B. Phillips, Zhentao Shi May 2019

Boosting The Hodrick-Prescott Filter, Peter C.B. Phillips, Zhentao Shi

Cowles Foundation Discussion Papers

The Hodrick-Prescott (HP) filter is one of the most widely used econometric methods in applied macroeconomic research. The technique is nonparametric and seeks to decompose a time series into a trend and a cyclical component unaided by economic theory or prior trend specification. Like all nonparametric methods, the HP filter depends critically on a tuning parameter that controls the degree of smoothing. Yet in contrast to modern nonparametric methods and applied work with these procedures, empirical practice with the HP filter almost universally relies on standard settings for the tuning parameter that have been suggested largely by experimentation with macroeconomic …


The Causal Effect Of Service Satisfaction On Customer Loyalty, Guofang Huang, K. Sudhir May 2019

The Causal Effect Of Service Satisfaction On Customer Loyalty, Guofang Huang, K. Sudhir

Cowles Foundation Discussion Papers

We propose an instrumental-variable (IV) approach to estimate the causal effect of service satisfaction on customer loyalty, by exploiting a common source of randomness in the assignment of service employees to customers in service queues. Our approach can be applied at no incremental cost by using routine repeated cross-sectional customer survey data collected by firms. The IV approach addresses multiple sources of biases that pose challenges in estimating the causal effect using cross-sectional data: (i) the upward bias from common-method variance due to the joint measurement of service satisfaction and loyalty intent in surveys; (ii) the attenuation bias caused by …


Psilocybin-Assisted Therapy: A Double-Blind Randomized Controlled Trial, Katherine Gruppo Apr 2019

Psilocybin-Assisted Therapy: A Double-Blind Randomized Controlled Trial, Katherine Gruppo

Yale School of Medicine Physician Associate Program Theses

Alcohol use disorder is one of the most prevalent mental health disorders worldwide, treatment options are limited, and relapse rates are high. There remains an urgent need for effective treatments. Research involving the therapeutic potential of classic hallucinogens has reemerged in recent decades and the hallucinogen psilocybin has shown some promise in early studies. We aim to assess the efficacy of psilocybin in treating alcohol use disorder with a 10-week double blind randomized double dummy crossover control trial comparing psilocybin-assisted psychotherapy to ketamine-assisted psychotherapy in individuals with alcohol use disorder. Our primary outcome will be the mean percent heavy drinking …


Effectiveness Of Telepsychiatry Among Geriatric Participants With Age-Related Hearing Loss, Stephanie Mock Apr 2019

Effectiveness Of Telepsychiatry Among Geriatric Participants With Age-Related Hearing Loss, Stephanie Mock

Yale School of Medicine Physician Associate Program Theses

Presbycusis (hearing loss that occurs with age) affects 30% of adults aged 65 to 74, yet hearing loss is rarely considered when developing novel treatment deliveries. For example, research shows that telepsychiatry improves depression symptoms among geriatric patients similarly to traditional forms of therapy, however, there is no literature on effectiveness of telepsychiatry in geriatrics with presbycusis. The objective of this study is to assess whether, compared to face-to-face psychotherapy, telepsychiatry produces superior outcomes assessed by the Beck Depression Inventory II, among depressed geriatric patients suffering from presbycusis. We will conduct a randomized controlled trial among elderly individuals with depressive …


Ketamine Plus Exercise For Major Depressive Disorder: A Randomized Controlled Trial, Sean J. Mccarthy Apr 2019

Ketamine Plus Exercise For Major Depressive Disorder: A Randomized Controlled Trial, Sean J. Mccarthy

Yale School of Medicine Physician Associate Program Theses

Major Depressive Disorder is the leading cause of disability among mental illnesses worldwide, but existing therapies fail to adequately treat approximately 30-50% of depressed patients. Ketamine has promising rapid antidepressant effects, but these effects are of short duration. Exercise yields moderate antidepressant effects both as a primary treatment and as an adjunct to standard therapies, but has not been investigated as an adjunct to ketamine. This study seeks to determine whether the addition of regular aerobic exercise regimens to ketamine therapy will potentiate or prolong ketamine’s antidepressant effects. We propose a single-blind, randomized controlled trial in which patients will be …


Brink: A Review Of Books, Issue 5, Chalay Chalermkraivuth, Daniel Judt, Alejandro Nodarse, Margaret (Migs) Grabar Sage, Ashia Ajani, Dimitri Diagne, Nicholas Judt Apr 2019

Brink: A Review Of Books, Issue 5, Chalay Chalermkraivuth, Daniel Judt, Alejandro Nodarse, Margaret (Migs) Grabar Sage, Ashia Ajani, Dimitri Diagne, Nicholas Judt

Brink

No abstract provided.


Kuwait: Financial System Stability Assessment, International Monetary Fund (Imf) Apr 2019

Kuwait: Financial System Stability Assessment, International Monetary Fund (Imf)

Documents

No abstract provided.


Robust Tests For White Noise And Cross-Correlation, Violetta Dalla, Liudas Giraitis, Peter C.B. Phillips Apr 2019

Robust Tests For White Noise And Cross-Correlation, Violetta Dalla, Liudas Giraitis, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Commonly used tests to assess evidence for the absence of autocorrelation in a univariate time series or serial cross-correlation between time series rely on procedures whose validity holds for i.i.d. data. When the series are not i.i.d., the size of correlogram and cumulative Ljung-Box tests can be significantly distorted. This paper adapts standard correlogram and portmanteau tests to accommodate hidden dependence and non-stationarities involving heteroskedasticity, thereby uncoupling these tests from limiting assumptions that reduce their applicability in empirical work. To enhance the Ljung-Box test for non-i.i.d. data a new cumulative test is introduced. Asymptotic size of these tests is unaffected …


Robust Tests For White Noise And Cross-Correlation, Violetta Dalla, Liudas Giraitis, Peter C.B. Phillips Apr 2019

Robust Tests For White Noise And Cross-Correlation, Violetta Dalla, Liudas Giraitis, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Commonly used tests to assess evidence for the absence of autocorrelation in a univariate time series or serial cross-correlation between time series rely on procedures whose validity holds for i.i.d. data. When the series are not i.i.d., the size of correlogram and cumulative Ljung-Box tests can be significantly distorted. This paper adapts standard correlogram and portmanteau tests to accommodate hidden dependence and non-stationarities involving heteroskedasticity, thereby uncoupling these tests from limiting assumptions that reduce their applicability in empirical work. To enhance the Ljung-Box test for non-i.i.d. data a new cumulative test is introduced. Asymptotic size of these tests is unaffected …


Earnings Dynamics And Firm-Level Shocks, Benjamin Friedrich, Lisa Laun, Costas Meghir, Luigi Pistaferri Apr 2019

Earnings Dynamics And Firm-Level Shocks, Benjamin Friedrich, Lisa Laun, Costas Meghir, Luigi Pistaferri

Cowles Foundation Discussion Papers

We use matched employer-employee data from Sweden to study the role of the firm in affecting the stochastic properties of wages. Our model accounts for endogenous participation and mobility decisions. We find that firm-specific permanent productivity shocks transmit to individual wages, but the effect is mostly concentrated among the high-skilled workers; firm-specific temporary shocks mostly affect the low-skilled. The updates to worker-firm specific match effects over the life of a firm-worker relationship are small. Substantial growth in earnings variance over the life cycle for high-skilled workers is driven by firms accounting for 44% of cross-sectional variance by age 55.


Ypfs Lessons Learned Oral History Project: An Interview With Paul A. Volcker, Paul Volcker, Andrew Metrick Mar 2019

Ypfs Lessons Learned Oral History Project: An Interview With Paul A. Volcker, Paul Volcker, Andrew Metrick

Documents

Suggested Citation Form: Volcker, Paul A., 2019. “Lessons Learned Interview."Interview by Andre Metrick. Yale Program on Financial Stability Lessons Learned Oral History Project. March 26, 2019. Transcript. https://ypfs.som.yale.edu/library/ypfs-lesson-learned-oral-history-project-interview-wendy-edelberg


Ypfs Lessons Learned Oral History Project: An Interview With Sarah Dahlgren, Sarah J. Dahlgren, Rosalind Z. Wiggins, Alec Buchholtz Mar 2019

Ypfs Lessons Learned Oral History Project: An Interview With Sarah Dahlgren, Sarah J. Dahlgren, Rosalind Z. Wiggins, Alec Buchholtz

Documents

Suggested Citation Form: Dahlgren, Sarah , 2018. “Lessons Learned Interview."Interview by Rosalind Wiggins and Alec Bucholtz. Yale Program on Financial Stability Lessons Learned Oral History Project. March 22 , 2018. Transcript. https://ypfs.som.yale.edu/library/ypfs-lesson-learned-oral-history-project-interview-sarah-dahlgren


The Lehman Brothers Bankruptcy E: The Effects On Lehman’S U.S. Broker-Dealer, Rosalind Z. Wiggins, Andrew Metrick Mar 2019

The Lehman Brothers Bankruptcy E: The Effects On Lehman’S U.S. Broker-Dealer, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

Lehman’s U.S. broker-dealer, Lehman Brothers Inc. (LBI), was excluded from the parent company’s bankruptcy filing on September 15, 2008, because it was thought that the solvent subsidiary might be able to wind down its affairs in a normal fashion. However, the force of the parent’s demise proved too strong, and within days, LBI and dozens of Lehman subsidiaries around the world were also in liquidation. As a regulated broker-dealer, LBI was required to comply with the Securities and Exchange Commission financial-responsibility rules for broker-dealers, including maintaining customer assets separately. However, the corporate complexity and enterprise integration that characterized the Lehman …


The Lehman Brothers Bankruptcy D: The Role Of Ernst & Young, Rosalind Z. Wiggins, Rosalind L. Bennett, Andrew Metrick Mar 2019

The Lehman Brothers Bankruptcy D: The Role Of Ernst & Young, Rosalind Z. Wiggins, Rosalind L. Bennett, Andrew Metrick

Journal of Financial Crises

For many years prior to its demise, Lehman Brothers employed Ernst & Young (EY) as the firm’s independent auditors to review its financial statements and express an opinion as to whether they fairly represented the company’s financial position. EY was supposed to try to detect fraud, determine whether a matter should be publicly disclosed, and communicate certain issues to Lehman’s Board audit committee. After Lehman filed for bankruptcy, it was discovered that the firm had employed questionable accounting with regard to an unorthodox financing transaction, Repo 105, which it used to make its results appear better than they were. EY …


The Lehman Brothers Bankruptcy A: Overview, Rosalind Z. Wiggins, Thomas Piontek, Andrew Metrick Mar 2019

The Lehman Brothers Bankruptcy A: Overview, Rosalind Z. Wiggins, Thomas Piontek, Andrew Metrick

Journal of Financial Crises

On September 15, 2008, Lehman Brothers Holdings, Inc., the fourth-largest U.S. investment bank, sought Chapter 11 protection, initiating the largest bankruptcy proceeding in U.S. history. The demise of the 164-year old firm was a seminal event in the global financial crisis. Under the direction of its long-time Chief Executive Officer Richard Fuld, Lehman had been very successful pursuing a high-leverage, high-risk business model that required it to daily raise billions of dollars to fund its operations. Beginning in 2006, Lehman began to invest aggressively in real-estate-related assets and soon had significant exposures to housing and subprime mortgages, just as these …


Review Of The Complete Guide To Personal Digital Archiving, Lynn Seidel Moulton Mar 2019

Review Of The Complete Guide To Personal Digital Archiving, Lynn Seidel Moulton

Journal of Contemporary Archival Studies

The Complete Guide to Personal Digital Archiving provides insight from across the profession to distill the daunting process of wrangling a digital disarray into something shareable and preservable. This book guides information professionals through instruction, outreach, and on into larger ramifications of personal digital archiving.


Annual Report For 2018 Of The State Corporation Deposit Insurance Agency, Russian Federation: Deposit Insurance Agency Mar 2019

Annual Report For 2018 Of The State Corporation Deposit Insurance Agency, Russian Federation: Deposit Insurance Agency

Documents

No abstract provided.


Archivists And Time: Conceptions Of Time And Long-Term Information Preservation Among Archivists, Reine Rydén Mar 2019

Archivists And Time: Conceptions Of Time And Long-Term Information Preservation Among Archivists, Reine Rydén

Journal of Contemporary Archival Studies

The issue of preserving information about nuclear waste for an extremely long period of time raises questions about ways to transmit knowledge to future generations. There is an ongoing discussion about the design of a message and the sustainability of different storage media. Information preservation in the really long term is, however, only partly a matter of technology; it is just as much about thought patterns. Since the work of archivists plays a key role, it is important to find out how archivists think about time and whether they have more developed conceptions of time and the future than other …


The Economics Of Social Data: An Introduction, Dirk Bergemann, Alessandro Bonatti Mar 2019

The Economics Of Social Data: An Introduction, Dirk Bergemann, Alessandro Bonatti

Cowles Foundation Discussion Papers

Large internet platforms collect data from individual users in almost every interaction on the internet. Whenever an individual browses a news website, searches for a medical term or for a travel recommendation, or simply checks the weather forecast on an app, that individual generates data. A central feature of the data collected from the individuals is its social aspect. Namely, the data captured from an individual user is not only informative about this specific individual, but also about users in some metric similar to the individual. Thus, the individual data is really social data. The social nature of the data …


The Economics Of Social Data: An Introduction, Dirk Bergemann, Alessandro Bonatti Mar 2019

The Economics Of Social Data: An Introduction, Dirk Bergemann, Alessandro Bonatti

Cowles Foundation Discussion Papers

Large internet platforms collect data from individual users in almost every interaction on the internet. Whenever an individual browses a news website, searches for a medical term or for a travel recommendation, or simply checks the weather forecast on an app, that individual generates data. A central feature of the data collected from the individuals is its social aspect. Namely, the data captured from an individual user is not only informative about this specific individual, but also about users in some metric similar to the individual. Thus, the individual data is really social data. The social nature of the data …


Commission Staff Working Document: Country Report Slovenia 2019, European Union: European Commission Feb 2019

Commission Staff Working Document: Country Report Slovenia 2019, European Union: European Commission

Documents

No abstract provided.


Microfilm, Manuscripts, And Photographs: A Case Study Comparing Three Large-Scale Digitization Projects, Emily Lapworth, Sarah Jones, Marina Georgieva Feb 2019

Microfilm, Manuscripts, And Photographs: A Case Study Comparing Three Large-Scale Digitization Projects, Emily Lapworth, Sarah Jones, Marina Georgieva

Journal of Contemporary Archival Studies

This article is a case study comparing three large-scale digitization projects at the University of Nevada, Las Vegas (UNLV) Libraries: the Culinary Union Workers Local 226 Photographs, the Nevada Digital Newspaper Project, and the Entertainment Project. The authors compare the project management, workflows, and decision-making related to the many aspects of digitizing special collections and archives materials. The projects used both outsourced vendors and in-house labor and equipment to digitize microfilmed newspapers, mixed-materials manuscript collections, and photographic prints and negatives. Roles and responsibilities; grant funding; copyright, privacy, and confidentiality; arrangement; formats; and metadata are all discussed in relation to large-scale …


Federal Reserve Act, Section 11. Power Of Federal Reserve Banks, Federal Reserve System: Board Of Governors Feb 2019

Federal Reserve Act, Section 11. Power Of Federal Reserve Banks, Federal Reserve System: Board Of Governors

Documents

No abstract provided.


Review Of A History Of Archival Practice And Engaging With Records And Archives: Histories And Theories, Natasha R. Margulis Feb 2019

Review Of A History Of Archival Practice And Engaging With Records And Archives: Histories And Theories, Natasha R. Margulis

Journal of Contemporary Archival Studies

This book review analyzes two books which address archival history and practices through an international perspective.


Review Of Reclaiming Indigenous Research In Higher Education, Rose Buchanan Feb 2019

Review Of Reclaiming Indigenous Research In Higher Education, Rose Buchanan

Journal of Contemporary Archival Studies

Reclaiming Indigenous Research in Higher Education challenges basic assumptions of Western methodologies by demonstrating the value of Indigenous approaches to social scientific research. Contributors argue that Western institutions have long marginalized Indigenous perspectives in higher education, overlooking or outright dismissing the unique experiences of Indigenous students as well as the efforts of Indigenous researchers to explore and understand them. This volume is a necessary read for anyone wanting to promote greater diversity and inclusion in the academy and in supporting institutions like archives.


Australia: Financial Sector Assessment Program-Technical Note-Bank Resolution And Crisis Management, International Monetary Fund (Imf): Monetary And Capital Markets Department Feb 2019

Australia: Financial Sector Assessment Program-Technical Note-Bank Resolution And Crisis Management, International Monetary Fund (Imf): Monetary And Capital Markets Department

Documents

No abstract provided.


Variable Mismeasurement In A Class Of Dsge Models: Comment, Ray C. Fair Feb 2019

Variable Mismeasurement In A Class Of Dsge Models: Comment, Ray C. Fair

Cowles Foundation Discussion Papers

This comment points out mismeasurement of variables in the DSGE model in Smets and Wouters (2007) and in models that follow the Smets-Wouters measurement procedures. The mismeasurement errors appear to be large.


Testing The Eu Framework For The Recovery And Resolution Of Banks: The Italian Experience, Stefano Micossi Feb 2019

Testing The Eu Framework For The Recovery And Resolution Of Banks: The Italian Experience, Stefano Micossi

Documents

No abstract provided.


Bamc Business Strategy 2019-2022, Bank Assets Management Company (Bamc)/Družba Za Upravljanje Terjatev Bank, D.D. (Dutb) Feb 2019

Bamc Business Strategy 2019-2022, Bank Assets Management Company (Bamc)/Družba Za Upravljanje Terjatev Bank, D.D. (Dutb)

Documents

No abstract provided.


Global Collateral And Capital Flows, Ana Fostel, John Geanakoplos, Gregory Phelan Feb 2019

Global Collateral And Capital Flows, Ana Fostel, John Geanakoplos, Gregory Phelan

Cowles Foundation Discussion Papers

Cross-border financial flows arise when (otherwise identical) countries differ in their abilities to use assets as collateral to back financial contracts. Financially integrated countries have access to the same set of financial instruments, and yet there is no price convergence of assets with identical payoffs, due to a gap in collateral values. Home (financially advanced) runs a current account deficit. Financial flows amplify asset price volatility in both countries, and gross flows driven by collateral differences collapse following bad news about fundamentals. Our results can explain financial flows among rich, similarly-developed countries, and why these flows increase volatility.